Section 209 of ITA, 1961 : Section 209: Computation Of Advance Tax

ITA, 1961

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Explanation using Example

Imagine a scenario where Mr. Sharma, a salaried employee, also earns income from freelancing and has rental income from property. He needs to pay advance tax for the financial year 2023-2024. Here's how Section 209 of the Income-tax Act, 1961 would apply:

Mr. Sharma estimates his income from all sources for the current financial year. He includes his salary (after TDS), freelancing income, and rental income. He then calculates the income tax on this estimated income using the tax rates applicable for the financial year 2023-2024.

Next, Mr. Sharma reduces this tax liabili...

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